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30.11.202012:35 Forex Analysis & Reviews: USD/CAD Drops As Expected!

Exchange Rates 30.11.2020 analysis

USD/CAD drops after retesting the former triangle's support. I've told you in a previous analysis that the pair is bearish and that it could drop again after the most recent temporary rebound.

It has dropped below the 1.2990 static support and now is targeting the 1.2940 lower low. A drop below this level will signal that USD/CAD could continue to drop towards fresh new lows.

  • USD/CAD Trading Conclusion

The triangle pattern downside breakout signaled a larger decline, bearish movement, so a new lower low could suggest that USD/CAD will continue towards the 1.28, 1.27 psychological level.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert
InstaForex Group © 2007-2021
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